Core Viewpoint - The cryptocurrency market experienced a significant drop, with major cryptocurrencies like BTC, ETH, and DOGE seeing notable declines, leading to over 400,000 liquidations in a short period [2][7]. Market Performance - Major cryptocurrencies' prices and their 24-hour percentage changes are as follows: - Bitcoin (BTC): $113,023.9, -2.32% - Ethereum (ETH): $4,171.16, -6.92% - Solana (SOL): $224.12, -6.82% - XRP: $2.802, -6.78% - Dogecoin (DOGE): $0.23998, -10.68% [3][4]. Liquidation Data - In the past 24 hours, a total of 406,200 liquidations occurred, amounting to $1.678 billion. Long positions accounted for $1.595 billion, while short positions totaled $83.435 million [7][8]. - The liquidation heatmap indicates that the majority of liquidated accounts were related to ETH and BTC, with liquidations of $477 million and $282 million, respectively [8][9]. External Influences - Recent geopolitical developments, including EU sanctions targeting Russian financial activities through cryptocurrencies, have contributed to selling pressure in the market. The EU's measures include sanctions on cryptocurrency platforms and related transactions [10]. - Bitcoin is facing significant selling pressure, with a critical support level at $111,900, which has been tested multiple times without breaking. This level has previously attracted buyers, leading to price rebounds [10]. - Concurrently, gold prices reached a new high, with London gold surpassing $3,715 per ounce, indicating a shift in investor preference towards safer assets amid market volatility [10][11].